Flights-to-and-from-Quality with Islamic and Conventional Bonds in the COVID-19 Pandemic Era: ICEEMDAN-Based Transfer Entropy

Figure 3

Transfer entropies between bonds and global equities at the composite level. (a) Renyi’s effective transfer entropy between BRIC and bonds, (b) Renyi’s effective transfer entropy between DEVMI and bonds, (c) Renyi’s effective transfer entropy between EMGMI and bonds, (d) Renyi’s effective transfer entropy between EURMI and bonds, and (e) Renyi’s effective transfer entropy between GLOBALMI and bonds.